Required information [The following information applies to the questions display

Question

Required information

[The following information applies to the questions displayed below.]

Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories

The following additional information describes the company's production activities for May.

The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.

Drop Down Options Include

Cost of goods manuf.

Cost of goods sold

DL used

DM used

FG - April 30

FG - May 31

Gross profit

Indirect labor

Indirect materials

Other overhead costs

Overhead applied

RM - April 30

RM purchases

RM- May 31

Sales

Total Factory wages paid

WIP - April 30

WIP - May 31

Beginning
Inventory Ending
Inventory Raw materials inventory $ 52,000 $ 95,000 Work in process inventory 417,000 599,000 Finished goods inventory 607,000 552,000

Explanation / Answer

Raw materials (RM) Work in process (WIP) Beg bal 417,000 Trsfd 1,660,000 Beg bal 52,000 Direct M 165,000 DM used 165,000 purchases 280,000 indirect mat 72,000 DL used 780,000 OH applied 897000 ending bal 95,000 end bal 599,000 Factory wages payable finished goods (FG) cash 1,547,000 dL used 780,000 beg bal 607,000 COGS 1,715,000 indirect la 767,000 Tsfd 1,660,000 end bal 0 end bal 552,000 Factory overhead income statement (partial) other 58,000 oh applied 897,000 Sales 3,500,000 indirct mat 72,000 cost of goods sold 1,715,000 indirect la 767,000 Gross margin 1,785,000 end bal 0 0 Cost of goods transferred 1,660,000 Cost of goods sold 1,715,000

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.